NM: Pending Home Sales Up Sharply in November

The number of consumers who signed contracts to buy homes across the country and in New Mexico in November rose sharply compared to previous-year data.

Normally, such a gain would suggest a turnaround for the depressed housing market. But a growing number of buyers are canceling their contracts at the last minute, making it a less reliable gauge.

The National Association of Realtors said Thursday that its index of sales agreements jumped 7.3 percent last month to a reading of 100.1. A reading of 100 is considered healthy. The last time the index was that high was in April 2010, one month before a federal home-buying tax credit expired.

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